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A Call for Subprime Foreclosure MoratoriumA move by consumer groups represents an overreaction to the current problems in the market. "A large part of the problem here is the lack of available credit to subprime borrowers who most need it," said one industry source, on the condition of anonymity. "Holding properties for six months won't solve the credit problem."Leadership Conference on Civil Rights, the NAACP, the National Fair Housing Alliance and the Center for Responsible Lending called today for mortgage lenders, loan servicers and loan investors to institute an immediate six month moratorium on subprime home foreclosures. "I'd be really surprised if anyone at the CRL has a solution for how to best stick their necks out and provide credit to these troubled borrowers they care so much about. Our industry did it for them these past few years - and we're now paying the price for it." The groups characterized the need for a moratorium on foreclosures as "urgent," and said that six months will create enough time for the industry to work to establish benchmarks and set long-term goals for easing the foreclosure crisis and to assist borrowers. "If lenders, servicers, Wall Street and policymakers allow the flood of subprime foreclosures to continue rising unchecked, years of economic progress in communities of color will be wiped out, and the racial wealth and equity gap will widen even further," said Hilary O. Shelton, director of the NAACP Washington Bureau. click here for complete article Need to sell you home, condo or building lot? Visit 888SOLDin9 to talk with our Jacksonville FL 888soldin9 partner about your personal financial situation. Our Jacksonville FL partner, Jim Tallent buys, sells, renovates and rents homes and properties in Jacksonville FL, Duval County FL and Northeast Florida. |